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Leading economist says with Bernie Sanders' economic plan...
Posted: Feb 12, 2016
median income would soar by more than $22,000. Nearly 26 million jobs would be created. The unemployment rate would fall to 3.8%. Those are just a few of the things that would happen if Bernie Sanders became president and his ambitious economic program were put into effect, according to an analysis given exclusively to CNNMoney. The first comprehensive look at the impact of all of Sanders’ spending and tax proposals on the economy was done by Gerald Friedman, a University of Massachusetts Amherst economics professor. Friedman found that if Sanders became president — and was able to push his plan through Congress — median household income would be $82,200 by 2026, far higher than the $59,300 projected by the Congressional Budget Office. In addition, poverty would plummet to a record low 6%, as opposed to the CBO’s forecast of 13.9%. The U.S. economy would grow by 5.3% per year, instead of 2.1%, and the nation’s $1.3 trillion deficit would turn into a large surplus by Sanders’ second term.
This more sweeping analysis was not commissioned by the candidate, though Sanders’ policy director called it “outstanding work.” Friedman previously scored the Vermont senator’s Medicare for all plan.
Sanders’ plan to pour $14.5 trillion into the economy — including spending on infrastructure and youth employment, increasing Social Security benefits, making college free and expanding health care and family leave — would juice GDP and productivity. Also, he would raise theminimum wage, as well as shift income from the rich to the middle and working class through tax hikes on the wealthy and corporations.
“Like the New Deal of the 1930s, Senator Sanders’ program is designed to do more than merely increase economic activity,” Friedman writes. It will “promote a more just prosperity, broadly-based with a narrowing of economy inequality.”
Many presidential hopefuls say their economic programs would boost growth. Donald Trump and Jeb Bush justify their big tax cuts by saying GDP would grow at a 4% rate. But their plans have been panned by experts as overly optimistic.
Friedman, however, argues that Sanders’ plan would be more stimulative because it is pouring money into the economy, as opposed to cutting taxes. Several of Sanders’ proposals — such as spending $1 trillion on infrastructure — will happen in the first few years of his administration would increase demand on businesses, who would then hire more workers to meet their needs. The increase in employment will prompt people to buy more, leading other businesses to hire.
“If there is more spending, people will have more to do,” Friedman said.
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Actually, he has about 200 economists that agree with him! nm - VTMT
[ In Reply To ..].
He needs CONGRESS to agree with him. - Dream on, Bernie
[ In Reply To ..]Since he is a Senator right now, why wait? He needs to propose this to CONGRESS and see how that flies. Talk is cheap. Was it 14 TRILLION he wants to pour into the economy? 14 TRILLION added to the 18 TRILLION we now are in debt-9 of which is Obama's alone, and Bernie wants to TOP that? Dream on! 14 TRILLION more on the backs of our grandchildren and their children??? How soon everybody forgets Obama's promise in 2007 "I will get rid of the 8 TRILLION dollars debt and if I don't, then I shouldn't be President." We can't gamble on Bernie Sanders pipe dreams.
Check out the bills he has recently... - sm
[ In Reply To ..]introduced in Congress. Nothing of any real consequence can be accomplished until we all stand together and turn Congress blue. Sanders has the best chance to do that. His coattails would be very long.
Recently??? He has been in Congress - sm
[ In Reply To ..]since, I think, 1981 or 1982, 24-25 years! He, Hillary and all long-term politicians (both sides) are THE problem. Congress was BLUE the first term of Obama-what bills of Bernie's made it to Obama's desk? He's not a Democrat and Congress is not going to turn blue for Bernie. Sorry, not going to happen-d.e.l.u.s.i.o.n. Any bills he has now are because he's running for President. That does not mean he has any support in Congress-or from our current "blue" President.
If you are truly interested in facts...sm - VTMT
[ In Reply To ..]rather than what you hear from the MSM, all the information from his entire career in Congress is readily available on the Library of Congress website in detail. He was actually a very busy man.
Most of the money taken in now goes to pay for interest on the debt and social - programs. Just think what is going to happen
[ In Reply To ..]when that runs out and they can no longer "print" more fiat money.
Wrong, besides the debt, most of our taxes are.... - sm
[ In Reply To ..]used for the MIC and corporate welfare. The amount spent on social welfare programs is miniscule in comparison.
Bottom line is too many regulations plus high taxes are hurting the economy. - Both need to be reduced in order to grow
[ In Reply To ..]the economy.
No, what is hurting the economy is the money is all going... - sm
[ In Reply To ..]To the top 1%. The top 1% then keeps that money or squirrels it away. When they do that the economy does not grow. When the bottom 99% have money they spend it, thereby improving the economy. That is Bernie Sanders' position. A lot of people cannot see the forest for the trees.
Any nutjob can get 1.3% of the approximately 15,000 economists - in the US to agree with him.
[ In Reply To ..]What's the chance that 1.3% of the economists in the US wouldn't either be socialists or communists?
If I stood on a street corner and completely denied the validity of the supply-demand relationship, I could get more than 1.3% of the economists to agree with me.
Stalin had his economist killed because he thought - free market was a better idea.
[ In Reply To ..]nomsg
Bernie is a communist, but the scary thing is, many - don't care. They've been taught it'
[ In Reply To ..]thing. We're headed towards the cheap labor express.
I think you better look up the definition of communion. nm - VTMT
[ In Reply To ..].
**communism** - nm
[ In Reply To ..].
Taxes will go through the roof - skeptic
[ In Reply To ..]nm
Nothing wrong with being skeptical. Just try to keep an - open mind. nm
[ In Reply To ..].
Bernie is saying exactly what what said in the Cultural Revolution in - China. A utopian, egalitarian
[ In Reply To ..]society is always alluring, but it always destroys personal liberty. We're heading down that path.
Really? Explain? - nm
[ In Reply To ..]..
The socialists/communists will attain the same goal here as they - did in Cuba or Venezuela.
[ In Reply To ..]Change a society with various socio-economic classes into another poor country.
Trickle up poverty. That's Democrat economics - in three words.
[ In Reply To ..]n/m
Anything strong and lasting is built from the ground up. - sm
[ In Reply To ..]It is time to stop believing the lie that we will all be better off if the rich get richer. Trickle-down economics does NOT work.
If you check out his website he pretty much....sm - VTMT
[ In Reply To ..]explains his stances on the issues and how he would pay for his programs. Is he idealistic? Yes, but isn't that what America is about? Will he be able to accomplish everything as president? Not without support from We the People. Should we not even try and just be satisfied with the status quo? Let's really make America great again for all its people!
We the People is Ben Carson's slogan. - nm
[ In Reply To ..]And Let's make America great again is Donald Trump's. Thanks for my laugh of the day.
Name a country that ever taxed its way out of - economic difficulties.
[ In Reply To ..]Don't bother looking - you won't find one. What gets countries moving economically is less taxation and taking the heavy boot of government off the neck of enterprise.
Those who do not know history are doomed to repeat it.
Keep believing the BS you are being fed. - nm
[ In Reply To ..].
That's what a Sanders supporter calls an answer? - Now - name the country.
[ In Reply To ..]I'm waiting.
Democratic Socialist is what the East Germans called - themselves. They had to build a wall to keep
[ In Reply To ..]people IN. Look at Venezuela, that's the future.
Just the other day I read about Carrier in Indiana leaving for Mexico in order to stay competitive. Too many regulations. More of this is coming. Prepare.
not regulations - hawtmt
[ In Reply To ..]If you think the reason Carrier is moving jobs to Mexico is because of increased regulations, you are badly mistaken. It is because it is cheaper to pay Mexicans to do the work than it is to pay Americans to do it. The company makes more money this way. I would think being an MT (which I assume you are, since you are posting on this board) would make you somewhat more sympathetic to this issue
It's govt regulations, unions, wages, it's many things. I am sympathetic, but - I understand trying to stay competative as
[ In Reply To ..]a business. I doesn't mean I like it.
It's the same reason hospitals outsource to services. It's cheaper for - the hospitals. It's a business decision.
[ In Reply To ..]nomsg
Read down the board and you will...sm - oldtimer
[ In Reply To ..]see many examples of democratic socialist, or social democrats, none of them being Venezuela or Greece.
All the regulations are hurting the coal industry as well. - Carrier actually closed the factory in TN
[ In Reply To ..]and moved it to Indy because of too much overhead. Add this to tech jobs being given to foreigners with HB-1 visas (in fact the techs losing their jobs had to train the replacements), the future looks bleak.
The coal industry is dead. Get used to it! - nm
[ In Reply To ..].
It will also lead to shortages. Free markets adjust to people's needs, - Socialist markets impose rationing.
[ In Reply To ..]Heavy-handed regulation from a central authority will turn a free market into a socialist one.
I know people are emotionally invested and entrenched in certain ideologies, but just look at history.
The rich will leave and not invest in anything because of being taxed too much to pay for everything. They're already leaving New York. So tax revenues will drop and the middle class will end up paying for it. We are headed towards runaway inflation caused by massive government spending and social programs.
Force people to buy insurance they can't afford. Force banks to - loan money to people who can't pay it
[ In Reply To ..]back. The government is trying to decide the outcome.
Some freedom we have here.
That is not creating wealth, it's redistributing it. Real wealth - creation comes from people, not
[ In Reply To ..]the government.
When a centralized government (they call it "the public or the people") - takes over an economy,
[ In Reply To ..]with centralized control, it just makes for bigger government. It's appealing and subversive.
Read Yuri Bezmenov' book, a KGB agent who defected and went to Canada. We are heading towards Communism.
In a nutshell, tax payers getting ripped off to pay for free stuff. - This debt will be paid for by your great-grandchil
[ In Reply To ..]Progressive ripoff.
Marxism by hook or crook. Eventually cash will be banned - and with negative interest rates
[ In Reply To ..]which his actually a form of taxation on accounts, the wealth of the citizenry will be drained.
A cashless society can be easier to control by the government. They can even lock you out of the system.
Bernie Sanders really isn't any different than Hugo - Chavez.
[ In Reply To ..]nomsg
Far worse. Chavez was never such a beguiling - liar as Sanders.
[ In Reply To ..]What is absolutely stunning is how many people can view the emperor and fail to notice that his wrinkled old body is naked.
I think Sanders is more like Justin Trudeau. - nm
[ In Reply To ..].
That's a conservative's nightmare. - sm
[ In Reply To ..]Thank God, Bernie is old and therefore isn't as good looking as the youthful Trudeau. So many young, low information Canadian voters voted for him, based on his LOOKS! On the bright side, maybe some of those young informed voters in the USA could vote for Marco Rubio because of HIS good looks and youth.
Yeah, that worked out REAL well. - nm
[ In Reply To ..]x
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